Transcend Packaging has announced and investment agreement and ‘strategic partnership’ with Japanese pulp and paper specialist ITOCHU Corporation.
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One of Japan’s largest companies, ITOCHU and Transcend are planning to deliver a broad range of paper and fibre-based sustainable packaging products to markets across the UK.
ITOCHU was ranked 78th on the 2022 list of Fortune Global 500 companies, with an annual trading revenue of US $100bn.
As part of the deal, ITOCHU has invested $10m and will collaborate to drive innovation in sustainable packaging, and unlock new product categories for paper and moulded fibre evolution on a global basis.
This investment launches a phase of strategic expansion for Transcend as it looks to extend its reach into new markets from Asia to North America with plans to secure additional investment to support this effort.
Both companies have sustainability in mind, aiming to help brands cut single-use plastic from landfill annually.
The partnership is also a significant milestone as ITOCHU increases its focus on the eco-friendly, wood-fibre-based material business to accelerate the development of a more sustainable society.
ITOCHU’s fibre division, ITOCHU Fibre, has considerable expertise in the trading and distribution of pulp and paper products in Europe and has a strategic investment in Metsa Fibre in Finland.
The partnership is expected to enhance Transcend’s capabilities with its existing products and is a key component in the implementation of its previously announced strategy to develop one of the largest moulded fibre production facilities in Europe.
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